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Adidas (ETR: ADS) 2Q18 Results: Beats Expectations with Further Double-Digit Revenue Growth and Solid Gross-Margin Gains

Executive Summary

  • Adidas grew 2Q18 revenues by 10% year over year at constant currency, with revenues, EBIT and net profit all coming in ahead of consensus.
  • Management noted that the company’s significant gross-margin uplift reflected the “quality” of its revenue growth.
  • Management reiterated its guidance for FY18: the company expects to grow sales by approximately 10% at constant currency and to increase its operating margin by between 0.5 and 0.7 percentage points.


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